¹In the three months ended December 31, 2019, Change in fair value of investments included a $71.0 million gain due to the change in value of our investment in PTC. In the three months ended December 31, 2018, Change in fair value of investments included a $246.4 million loss due to the change in value of our investment in PTC and a $33.7 million gain due to the valuation adjustments related to the registration of PTC Shares.

		Fiscal 2020 Guidance
Diluted EPS		$9.09 - $9.49
Non-operating pension and postretirement benefit credit		0.30
Tax effect of non-operating pension and postretirement benefit credit		(0.08)
Change in fair value of investments1		(0.61)
Tax effect of change in fair value of investments		—
Adjusted EPS2		$8.70 - $9.10
Effective tax rate		~ 14.5%
Tax effect of non-operating pension and postretirement benefit credit		~ 0.5%
Tax effect of change in fair value of investments1		~ 0.5%
Adjusted Effective Tax Rate3		~ 15.5%

¹The actual year-to-date adjustments, which are based on PTC's share price at December 31, 2019, are used for guidance, as estimates of these adjustments on a forward-looking basis are not available due to variability, complexity and limited visibility of these items.

²Fiscal 2020 guidance based on Adjusted Income, which excludes Schlumberger's non-controlling interest in Sensia.

³Fiscal 2020 guidance includes the impact of a tax benefit recognized upon the formation of the Sensia joint venture on October 1, 2019. This tax benefit is expected to reduce the full year Effective tax rate and the Adjusted Effective Tax Rate by approximately 150 basis points.

ROCKWELL AUTOMATION, INC.
OTHER SUPPLEMENTAL INFORMATION
(in millions, except percentages)

Free Cash Flow

Our definition of free cash flow, which is a non-GAAP financial measure, takes into consideration capital investments required to maintain the operations of our businesses and execute our strategy. In our opinion, free cash flow provides useful information to investors regarding our ability to generate cash from business operations that is available for acquisitions and other investments, service of debt principal, dividends and share repurchases. We use free cash flow, as defined, as one measure to monitor and evaluate our performance, including as a financial measure for our annual incentive compensation. Our definition of free cash flow may be different from definitions used by other companies.

The following table summarizes free cash flow by quarter:

	Mar. 31, 2018				Jun. 30, 2018				Sep. 30, 2018				Dec. 31, 2018				Mar. 31, 20191				Jun. 30, 2019				Sep. 30, 2019				Dec. 31, 2019
Cash provided by operating activities	$	381.4			$	343.1			$	362.8			$	212.0			$	143.8			$	351.2			$	475.0			$	231.1
Capital expenditures	(22.1		)		(22.4		)		(46.9		)		(42.0		)		(38.9		)		(27.8		)		(24.1		)		(37.0		)
Free cash flow	$	359.3			$	320.7			$	315.9			$	170.0			$	104.9			$	323.4			$	450.9			$	194.1

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